Author: Andy Vitullo

The Peoples Republic of China (PRC) require monthly filings of statutory compliant income statements and balance sheets for each China operating entity.  QAD has constructed a solution enabling companies to meet this requirement.   The Regional Balance Sheet and Regional Income Statement menu programs will generate these statements. To enable this functionality in your China domain or domains, several configurations must be completed.  They include: Creation of an alternate chart of...

QAD’s ERP software provides several reporting tools.   Those tools include data views and browses, reporting framework reports and financial reporting tools. The Financial Report Writer (FRW) features a wide range of functionality. Near Real Time Reporting : As financial transactions are posted to the general ledger, a background process runs to refresh the FRW data set.  This enables FRW reports to have hourly and daily views of the financial results....

The Procure to Pay work-stream contains processes with business internal control concerns. Those processes can include creation of new suppliers, the processing of purchase requisitions, the processing of purchase orders, inbound material receiving, supplier invoice processing and finally the settlement of supplier’s invoices through a business’s banking system. While businesses have upstream controls, it is critical that a supplier invoice is processed only when evidence of approval is available for...

Over the last 25 years, the Logan Team has implemented ERP software with varied transaction tax configurations. These configurations include, US Sales and Use Taxes, Canadian Value Added Taxes, Mexico Value Added Taxes along with Supplier withholding taxes, European Value Added taxes, and Chinese Value Added Taxes. Our Logan Team can provide top down business management consulting to enable a sustainable transaction tax solution. Business Processes for master data creation...

Previous blogs in this series described the complexities of Sales and Use Tax configurations in ERP. If your business requires a 3rd party bolt-on software package, the following requirements should be considered.  Tax Rate Database o Integration to the tax rate database should be seamless. The software should include a connection to transactions including quotes, sales orders, invoices, purchase orders and accounts payable transactions. o Tax rate updates should...

Ensuring a sound United States sales tax configuration in your ERP system can be a challenging endeavor. Your business needs to consider the following. How many U.S. states does the business have Nexus? (Nexus is the relationship between a business and a state that requires the seller to register, collect, and remit sales tax on sales made in the state). What is the jurisdiction level of detail required for tax...

The United States Sales and Use tax environments are ever changing. States continue to pull this lever for revenue enhancement.   Monthly, jurisdictions publish new tax rates.   Tax laws and regulations change at the whim of state legislatures.   County and City changes occur as the result of ballot initiatives. Lack of understanding of the sales tax environment can create unintended business risk. Corporate leaders are personally liable for sales taxes accrued...

The current US  trade climate in 2019 involves the use of tariffs to apply economic pressures on United States trading partners. The overall strategy is intended to create an outcome more favorable to US businesses and the greater US economy. If you are a US business with operations in China, these tariffs are having an immediate impact on the price of inbound material, as well as, creating downward pressure on...

The complex US Sales Tax environment can have cost and risk impact on your business. An accurate ERP Configuration ensures the collection of transactions with appropriate tax calculations. Understanding the comprehensive business conditions for sales tax requires knowledge of Nexus, Exemption Rules for Customers, Exemption Rules for products or services, filing deadlines, filing agencies, form requirements, and evidence-based audit requirements.   Typically, small to medium size businesses lack internal resources...

This is the second in a series of Blogs regarding Sales Tax environments in the United States. This series will describe general considerations, legal environment and other conditions that create impact your business Sales Tax requirements. The complex environment exists because state legislatures create unique sales tax laws. There are some common conventions across the states. They include: • Sales Tax are calculated based on where the product lands or...